The insurance policy is designed to meet loan repayments in the event of unemployment, accident or sickness that could drive borrower default on his loan.
The insurance policy is sold alongside the personal loan.
The insurance indemnity is paid by BCR Life Insurance Vienna Insurance Group. The personal payment protection covers the loan in case of total invalidity.
For temporary work incapacity, the insurance covers the equivalent of 6 monthly loan payments, and cannot exceed the equivalent of 24 loan payments throughout the entire insurance period.
For involuntary unemployment, the policy covers the equivalent of 9 monthly payments and cannot exceed the equivalent of 24 monthly payments throughout the insurance period.
The amount insured in the event of unemployment, accident or sickness is equal to the total value of the loan, stipulated in the credit contract. The PPI doesn’t exclude the death insurance for the borrower, which is offered free of charge.
“The fixed interest and monthly installment offers an adequate protection to potential interest fluctuations. The credit offers multiple advantages – the highest ceiling – and currently the best interests in the market. To all these is added the protection of borrowers’ income through the protection insurance policy attached to the loan”, said Stefan Coroianu, deputy director of BCR retail.
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